Briefly Business

Suzlon Energy has reduced debts by Rs 1,700 crore to Rs 2,083 crore by selling its 35.22 per cent stake in Belgian firm Hansen Transmission....

Suzlon pares debts by Hansen stake sale

NEW DELHI: Suzlon Energy has reduced debts by Rs 1,700 crore to Rs 2,083 crore by selling its 35.22 per cent stake in Belgian firm Hansen Transmission and taking a fresh loan from the State Bank of India. Suzlon has completed payment of its entire outstanding acquisition loan facility of approximately 780 million about Rs 3,783 crore, a company statement said.

Shipping Corp to buy 37 vessels over 2 years

MUMBAI: State-owned Shipping Corporation of India SCI plans to buy a total of 37 vessels of which 31 would be new ones over the next couple of years as trade volumes begin to recover after last years economic meltdown. We will buy 31 new vessels by 2012, company CMD S Hajara said. The company also plans to buy six second-hand vessels to augment its fleet,for which it has already floated a tender.

Parliament nod for SBI merger

NEW DELHI: Parliament on Friday post facto approved the merger of the State Bank of Saurashtra SBS with State Bank of India SBI with Rajya Sabha passing it by voice vote amid opposition from Left parties. The pay and allowances and service conditions of the employees of SBS will not be altered to their disadvantage, minister of state for finance Namo Narain Meena said as the House approved the bills to given effect to the merger that took place in 2008.

Karl-Ulrich Kohler named COO of Corus

MUMBAI: Tatas-owned European steel major Corus has appointed Karl-Ulrich Kohler as the new chief operating officer with effect from February 1,2010. Kohler succeeds Rauke Henstra,who held the position until his retirement last year. He will report to Kirby Adams,managing director and CEO of Tata Steel Europe, Tata Steel said in a filing to the Bombay Stock Exchange.

ONGC declares Rs 18 per share dividend

NEW DELHI: State-run Oil and Natural Gas Corp ONGC on Friday said it has made two gas discoveries while declaring Rs 18 per share interim dividend for this fiscal. The company found gas in the well GK-28-1 drilled in the Kutch offshore block-1 in western offshore,an ONGC statement said. The well drilled to the depth of 1,550 metres floated 1.2 lakh cubic metres a day of gas during test.

AI union defers December 22 strike

MUMBAI: A section of the Air India employees has deferred its proposed strike from December 22 following an assurance from the NACIL management to look into their grievances. The employees owing allegiance to the Air Corporation Employees Union ACEU,which is one of the unions of the erstwhile Indian Airlines,had on December 7 threatened to go on strike from December 22 alleging that the management had violated a conciliation pact signed with its representatives in regard to their transport contract way back in February 2001.